City of Plymouth Proposed 2022-2023 Budget - Flipbook - Page 229
City of Plymouth 2022 / 2023 Budget
09/20/2022
Budget: An annual proposal that outlines anticipated revenues and designates program
expenditures for the upcoming fiscal year.
Budget Amendment: The mechanism used to revise the working budget to reflect changes
that occur throughout the fiscal year.
Capital Assets: Assets of a long-term nature which are intended to continue to be held or
used, such as land, buildings, machinery and equipment.
Capital Expenditure: Funds used by the government to acquire, upgrade, and maintain
physical assets such as property, buildings, an industrial plant, technology, or equipment
Capital Improvement Program (C.I.P): A plan for capital expenditures to provide longlasting physical improvements to be incurred over a fixed period of several future years.
Component Unit: Legally separate organizations for which the elected officials of the agency
are financially accountable. In addition, component units can be other organizations of which
the nature and significance of their relationship with the agency is such that exclusion of these
organizations from the agency’s financial statements would be misleading.
Debt Service Fund: A fund used to account for the monies set aside for the payment of interest
and principal to holders of the City’s general obligation bonds.
Departments: Functional areas of the City to provide certain services to the citizens.
Enterprise Fund: A fund used to account for operations that are financed and operated in a
manner similar to private business enterprises. These funds provide services to the general
public.
Expenditures: The payment of cash on the transfer of property or services for the purpose of
acquiring an asset, service, or settling a loss.
Expense: Charges incurred (whether paid immediately or unpaid) for operations,
maintenance, interest, or other charges.
Fund: A fiscal and accounting entity with a self‐balancing set of accounts in which cash and
other financial resources, all related liabilities and residual equities, or balances, and
changes therein are recorded and segregated to carry on specific activities or attain certain
objectives in accordance with special regulations, restrictions or limitations.
Fund Balance: The difference between fund assets and fund liabilities.
General Fund: The general operating fund is used to account for all financial resources
except those required to be accounted for in another fund.
23B-GLOSSARY
TABLE OF CONTENTS
APPENDIX A
